ENVALITH
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Convano Inc.

6574・Growth Market・Services

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株式会社コンヴァノ logo
Convano Inc.6574

Business

Convano Inc. operates under the corporate philosophy of "creating new value and expanding opportunities," with the low-price, high-quality nail salon chain "FASTNAIL" (73 stores as of the end of March 2026) as its core business. In addition, the company runs four business segments: the Consulting Business, which provides consulting and outsourcing services for medical institutions (revenue of ¥8,288 million); the Healthcare Business, which handles wholesale of medical supplies and medical DX (revenue of ¥2,339 million); and the Investment & Advisory Business, which provides M&A support and investment for small and medium-sized enterprises (revenue of ¥1,642 million). Its main customers span a wide range, including general consumers (Nail Salon Business), medical corporations and clinics (Healthcare and Consulting Businesses), and mid-sized to small and medium-sized enterprises (M&A).

Business Model

In the Nail Salon Business, a proprietary self-order system, e.g.1 equipment, and a division-of-labor operating model enable one nail technician to serve two customers per hour, while a clear pricing structure of ¥3,500 to ¥9,000 secures stable customer repeat rates. The Consulting Business leverages a network of over 500 medical institutions to provide specialized consulting and outsourcing services, achieving a high profit margin (segment profit margin of approximately 34.7%). The Healthcare Business achieves a segment profit margin of approximately 66.5% through wholesale of high-unit-price products such as medical-grade hyaluronic acid. The M&A business generates revenue through capital gains from Hands-on Investment (Proprietary Investment), value-up initiatives, and subsequent divestitures.

Company Strengths

The combination of the self-order system "FASTNAIL TOWN", the in-house developed gel-off device "e.g.1", and a division-of-labor reception system enables one nail technician to serve an average of two customers per hour. A clear seven-tier pricing structure ranging from ¥3,500 to ¥9,000, along with approximately 1,500 samples always available and over 130 colors, promotes customer reassurance and repeat visits.

Think's Healthcare Corporation conducts wholesale of medical supplies for medical corporations and supports medical DX, achieving revenue of ¥2,339 million and segment profit of ¥1,555 million (profit margin of approximately 66.5%) in FY2026 (ending March 2026). The company is building up a portfolio of products with high entry barriers, including exclusive import agency services for medical hyaluronic acid preparations through a business alliance with LG Chem Ltd., and the development of a mid- to long-term pipeline aimed at obtaining PMDA approval.

The company operates the Convano Nail Business Academy (CNBA) and the professional nail technician training salon "NAIL FLAPS" in-house, building a proprietary curriculum that enables even inexperienced hires to debut at stores within two months of joining. Because recruitment is not limited to beauty school graduates or experienced personnel, the company has established a flexible talent supply system aligned with its store opening plans, and opened 12 new stores in FY2026 (ending March 2026).

ENVALITH's Perspective

The net loss of ¥1,061 million for FY2026 (ending March 2026) is primarily attributable to a fiscal year-end valuation loss on crypto assets of ¥4,847 million and income tax expense of ¥2,482 million. On an operating profit basis, the figure was ¥1,601 million (up 1,088% year on year), indicating substantial improvement in the underlying business. The structure whereby fluctuations in crypto asset prices (an external factor) significantly affect profit and loss is an important risk consideration for investors, and careful examination of indicators excluding crypto asset gains/losses is essential when assessing the profitability of the core business.

Following the initial disclosure on May 15, 2026, corrections to the financial results report (kessan tanshin) were made twice, on May 29 and June 5. The corrections covered a wide range of matters, including changes to the classification of recognized revenue and expenses, and the failure to recognize treasury shares held by a consolidated subsidiary in accordance with IAS 32 (the number of treasury shares was revised from 520,100 shares to 10,520,100 shares). These issues came to light during the audit process for the annual securities report (yuho), and concerns regarding the maturity of internal controls and the financial reporting process have not been dispelled.

The earnings forecast for FY2027 (ending March 2027) projects substantial growth, with revenue of ¥26,752 million (up 72.4% year on year) and operating profit of ¥8,957 million (up 459.5% year on year). However, the forecast does not incorporate any fiscal year-end impairment valuation loss on crypto assets, and actual net profit for the period could fluctuate significantly depending on crypto asset prices (an external factor). Continuity of order intake in the Consulting Business and Healthcare Business, together with the sustainability of newly consolidated effects from M&A, will be key to achieving the forecast.

Growth Strategy

Aiming for revenue of ¥26,752 million through establishing a 100-store network in the Nail Salon Business and combined expansion of the Consulting, Healthcare, and Investment businesses

Expanded to 73 stores (up from 62 at the previous fiscal year-end) as of the end of March 2026, achieving a turnaround to segment profit (¥116 million). The company will continue to promote new store openings and improve the profitability of existing stores by leveraging its proprietary operations and CNBA training system.

The company provides IT consulting services centered on Convano consulting Co., Ltd. and DataStrategy Co., Ltd. In FY2026 (ending March 2026), it recorded revenue of ¥8,288 million and segment profit of ¥2,873 million, growing into the largest segment within the group. Continued expansion is expected in FY2027 (ending March 2027) as well.

The company achieved revenue of ¥2,339 million and a profit margin of approximately 66%, centered on the Pharmaceutical Import Agency Service. It will continue to expand its Exclusive Distribution Items (PMDA-Approved Products) through business alliances such as with LG Chem Ltd., which include obtaining PMDA approvals, and to build up recurring revenue through an increasing number of contracted medical institutions.

The operating business (M&A Advisory and investment) achieved high profitability, with revenue of ¥1,463 million and segment profit of ¥1,243 million. In November 2025, the company announced a shift in policy from expanding BTC holdings to prioritizing the operating business, and it will promote the gradual winding down of crypto assets and the reallocation of capital toward operating investments.

In FY2026 (ending March 2026), the company newly consolidated five companies, including Asset Create Co., Ltd., the Japan Beauty & Healthcare Growth Investment Fund No.1, DataStrategy Co., Ltd., and Convano Investments Limited. In FY2027 (ending March 2027), the company plans to continue expanding its business through M&A, aiming to achieve revenue of ¥26,752 million and operating profit of ¥8,957 million.

Last updated: July 19, 2026